The new organization “Fix The Debt” has billed itself as a nonpartisan organization dedicated to finding compromise on budget issues before we go over the fiscal cliff. But according to a new report from the Institute for Policy Studies and reported by Reuters, the big business CEO coalition is lobbying for budget policies that could result in $134 billion windfall for coalition members. IPS also found the CEOs personally backing Fix the Debt received over $41 million in savings last year thanks to the Bush-era tax cuts for the wealthy. Reuters reported:
“When a group of 86 large U.S. companies came out in late October in favor of fixing the debt it was seen as a rare example of corporate unity, and a wake up call on just how urgent an issue the growing federal deficit has become for business.
In a new report, the Institute for Policy Studies (IPS), a liberal Washington think tank, argues that the group, called “Fix the Debt” is basically a larger version of an earlier Washington corporate lobbying group called “Win America”, and shares its focus on getting corporate money now being held overseas back into the United States with little or no taxes taken out…
Such a change would result in a $134 billion windfall for the 63 publicly traded companies in the Fix the Debt coalition, IPS calculates.”
Check below the fold for Reuters’ chart of the 10 ten beneficiaries, their profits, and their potential tax savings.
Included in IPS’s $134 billion figure are these top 10 beneficiaries:
Fix the Debt Member Company Offshore Profits Potential Tax Savings General Electric $102 billion $35.7 billion Microsoft $60.8 billion $19.4 billion Merck $44.3 billion $15.5 billion Cisco Systems $41.3 billion $14.5 billion JPMorgan Chase $21.8 billion $4.9 billion Goldman Sachs $20.6 billion $3.3 billion Bank of America $18.5 billion $2.5 billion Qualcomm $16.4 billion $5.7 billion Corning $10.8 billion $3.8 billion Dow Chemical $10.0 billion $3.5 billion